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Mistrades

SIX Swiss Exchange may investigate trades on the stock exchange. If it identifies mistrades, it will declare these null and void. The stock exchange may investigate specific trades on request or at its own discretion.

When can an investigation be carried out?

  • If the parties concerned have doubts about the validity of the trade in question.
  • If at least one of the two parties requests a decision as to the validity of the trade.

When does the stock exchange declare a trade null and void?

  • If the price of the trade deviates significantly from the market price.
  • If fair and orderly trading is not guaranteed.

How does the stock exchange proceed in the event of a suspected mistrade?

The stock exchange establishes an appropriate market price for the trade in question. It then decides whether the effective price deviates significantly from the market price and thereby represents a mistrade. Although the stock exchange is entitled to ask other parties for their opinion, its decision is final.

Provided the market price is fair, any trade executed on the basis of incorrectly entered information for orders or quotes remains valid.

How long does the stock exchange take to make decisions on mistrades?

In principle, SIX Swiss Exchange takes decisions about mistrades on the same trading day. There are different deadlines for the different trading segments. In exceptional cases, these deadlines may vary, in which case SIX Swiss Exchange will tell the relevant parties when they can expect a decision.

If the stock exchange is unable to make a decision within the relevant deadline, a mistrade cannot be confirmed. In exceptional cases where justified, the stock exchange may extend the deadlines.

Trading segment Trading Capacity Deadline
Shares Client and own-account transactions Within 30 minutes of execution
Structured Products At least one of the parties concerned has marked its order as a client transaction

Both of the parties concerned have marked their orders as own-account transactions
Within 30 minutes of the close of trading on the relevant trading segment

Within 30 minutes of execution
Bonds Client and own-account transactions Within 30 minutes of the close of trading on the relevant trading segment
Investment Funds & ETF   Within 30 minutes of execution

What must happen within the specified deadline?

  • The party concerned declares a mistrade;
  • SIX Swiss Exchange makes a decision regarding the mistrade;
  • SIX Swiss Exchange extends the deadline.

How are mistrades or deadline extensions communicated?

If the stock exchange decides that a mistrade has occurred or extends the deadline, it notifies the relevant participants via a number of channels of communication:

The participant responsible for the mistrade covers the costs of the above procedure.